AVAX Price Makes Strong Upmove On Avalanche’s Key Partnership With Republic
11/20/2023 12:02
The AVAX price AVAX encounters resistance around $24.50, with a notable hurdle at $25.00. On the downside, $20.5 serves as major support.
With the resurgence of the altcoin market, AVAX, the native cryptocurrency of the Avalanche ecosystem, is displaying significant momentum. Over the past 24 hours, the AVAX price has surged by 8%, reaching $22.68, and boasting a market cap of $8.03 billion.
Impressively, in the last month alone, the AVAX price has experienced a remarkable 145% increase, elevating it to the position of the 13th largest cryptocurrency by market cap.
Avalanche Forges Key Partnerships
Last week, AVAX experienced a significant intraday price surge. This uptick followed the announcement by JP Morgan, the investment banking giant, revealing a collaborative effort between its blockchain arm Onyx and Apollo Global to introduce a proof-of-concept utilizing the Avalanche blockchain.
Citi, a prominent global bank, has employed Avalanches’s AvaCloud, a managed blockchain service facilitating the swift development, deployment, and scalability of customized decentralized networks for various use cases. Citi will leverage the technology to create an innovative application that utilizes blockchain infrastructure for pricing and executing bilateral spot foreign exchange (FX) trades.
Republic, a technology firm, has revealed its collaboration with Avalanche (AVAX) to introduce the Republic Note (R/Note), a digital asset designed for profit-sharing with the goal of democratizing private market investing.
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The selection of Avalanche as the launch platform for Republic Note is driven by the blockchain’s inherent advantages. Avalanche’s scalability and swift transaction speeds ensure a smooth and cost-effective experience for Republic Note holders. Additionally, Avalanche’s strategic partnerships with major industry players such as Amazon Web Services and Mastercard highlight its technical strength and dependability.
AVAX Price Action
The AVAX price is currently positioned above $22.00 and the 100 simple moving average (4 hours). A crucial bullish trend line is taking shape with support around $20.50 on the 4-hour chart of the AVAX/USD pair. The immediate resistance is located near the $24.50 zone, followed by a significant hurdle near $25.00.
In case of an upward breakthrough above $24.50 and $25.00, the price may experience a substantial surge, potentially exceeding 20%. In such a scenario, the price might steadily advance towards the $30 level.
However, if AVAX struggles to surpass the $24.50 or $25.00 levels, a downside correction could ensue. Immediate support on the downside is around the $22.50 level, with primary support near $20.50. A breach below $20.50 may initiate a fresh decline towards $18, and the subsequent major support lies around $15.50.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.